TriCo Bancshares (NASDAQ:TCBK) Stake Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in shares of TriCo Bancshares (NASDAQ:TCBK) by 5.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 478,301 shares of the financial services provider’s stock after selling 27,229 shares during the period. The Manufacturers Life Insurance Company owned about 1.45% of TriCo Bancshares worth $18,926,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of TCBK. Mutual of America Capital Management LLC raised its stake in shares of TriCo Bancshares by 17.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 138,616 shares of the financial services provider’s stock worth $5,098,000 after purchasing an additional 20,629 shares in the last quarter. BNP Paribas Financial Markets raised its position in TriCo Bancshares by 200.3% during the first quarter. BNP Paribas Financial Markets now owns 24,384 shares of the financial services provider’s stock valued at $897,000 after acquiring an additional 16,263 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in TriCo Bancshares by 58.5% in the first quarter. Russell Investments Group Ltd. now owns 98,469 shares of the financial services provider’s stock valued at $3,622,000 after acquiring an additional 36,362 shares during the last quarter. Empowered Funds LLC boosted its holdings in TriCo Bancshares by 135.1% in the first quarter. Empowered Funds LLC now owns 46,554 shares of the financial services provider’s stock worth $1,712,000 after purchasing an additional 26,751 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of TriCo Bancshares during the 1st quarter worth about $489,000. Institutional investors and hedge funds own 59.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TCBK. Stephens raised their price objective on TriCo Bancshares from $43.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. DA Davidson upped their price objective on shares of TriCo Bancshares from $41.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Piper Sandler raised their target price on shares of TriCo Bancshares from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $48.00 target price (up previously from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Finally, Janney Montgomery Scott reaffirmed a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.80.

Insider Activity

In other news, Director Michael W. Koehnen sold 1,400 shares of TriCo Bancshares stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the sale, the director now directly owns 3,000 shares in the company, valued at approximately $135,600. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total value of $63,280.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $135,600. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Cory W. Giese sold 3,465 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $43.11, for a total value of $149,376.15. Following the completion of the sale, the director now owns 11,228 shares in the company, valued at $484,039.08. The disclosure for this sale can be found here. Corporate insiders own 4.64% of the company’s stock.

TriCo Bancshares Stock Down 4.2 %

Shares of TCBK opened at $40.88 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.85 and a current ratio of 0.85. The company has a 50-day simple moving average of $43.64 and a 200-day simple moving average of $39.32. TriCo Bancshares has a 52 week low of $29.38 and a 52 week high of $48.80. The firm has a market capitalization of $1.35 billion, a P/E ratio of 12.46 and a beta of 0.54.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.80 by $0.07. TriCo Bancshares had a return on equity of 9.93% and a net margin of 21.63%. The firm had revenue of $97.86 million during the quarter, compared to analysts’ expectations of $98.55 million. On average, equities research analysts expect that TriCo Bancshares will post 3.3 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.23%. The ex-dividend date was Friday, September 6th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 40.24%.

TriCo Bancshares Company Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.